Nurses’ have lost a massive £42,000 in actual earnings since 2008 due to pay not keeping up with inflation.
The pay of city bankers has risen at three times the rate of over-worker NHS workers.
According to a new analysis published by the TUC today, average pay in the financial services and insurance sector has soared by 83% in nominal terms – almost double the inflation rate in the same period (43%).
It has risen more than three times faster than nurses’ pay (3.2 times), midwives’ (3.4 times faster), and paramedics’ (3.4 times faster).
Earlier this year, the Conservative-controlled government decided to remove the cap on bonuses meaning bankers’ pay could soar further.
The analysis found that nurses’ have lost a massive £42,000 in actual earnings since 2008 due to their pay not keeping up with inflation.
Nurses, paramedics and physiotherapists are all taking strike action to improve their pay and overall working conditions.
A political choice.
The TUC says striking health workers have been “forced to take action to defend their living standards” after more than a decade of pay cuts.
General Secretary Paul Nowak explained, “At a time when ministers are telling dedicated public servants they can’t have a pay rise, they’re letting city executives take home ever bigger sums.
“It’s not right. We can’t live in a country where nurses are having to use food banks to get by, while bankers are allowed to help themselves to unlimited bumper bonuses.
Mr Nowak adds, “This all boils down to political choices. Ministers could be taxing wealth and giving all of our public sector workers a decent pay rise.
“But instead, they are choosing to inflict more pay misery on our nurses, paramedics and midwives.
“Let’s be clear. Without decent pay rises, many more of our dedicated key workers in the public sector will vote with their feet and leave their professions for good.”
